Gas Drops Below $1.50 in Some Areas, We Haven't Hit Bottom: Analysts | NBC 10 Philadelphia
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Gas Drops Below $1.50 in Some Areas, We Haven't Hit Bottom: Analysts

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    Man pumping gas

    American drivers are now enjoying gasoline prices that haven't been this low since January 2009.

    Data from the AAA shows that the average annual price for a gallon of gas has been below $2 a gallon for about a month now. Just within the past week, the national average gas price ticked below $1.80 for a gallon of regular gas, a drop of 20 cents just since the beginning of 2016, NBC News reported.

    "I think you have probably another three to four weeks of prices in this area — I think we could drop another nickel or so," said Denton Cinquegrana, chief oil analyst at Oil Price Information Service. "Around March 1, you're going to see the bottom … probably around $1.75, maybe $1.74," he said. In some states where gasoline is cheapest, Cinquegrana said drivers could be paying in the neighborhood of $1.50 a gallon.

    According to the AAA, Oklahoma is already there. On Monday, prices fell to $1.49 for a gallon of gas. Missouri is right at the $1.50 mark, while prices in Alabama, Arkansas, Kansas and Texas all average below $1.60 a gallon.